Evernorth Revises XRP Treasury Terms for Nasdaq Listing via SPAC Merger

Evernorth Holdings, an XRP-focused treasury firm, is preparing for a Nasdaq debut. The pure-play XRP company has amended its existing agreement, establishing revised terms with current stakeholders.

Evernorth intends to go public through a business combination with Armada Acquisition Corp. II, and representatives indicate that 95% of enterprise investors have approved the new terms.

The original share allocations were set when XRP traded at $2.35, significantly above its current price near $1.

The Mechanics Behind the Adjusted XRP Treasury

Under the amended agreement, the share count will be determined using XRP’s volume-weighted average price closer to the transaction’s closing date. Private-placement investors have already subscribed to primary shares at $10 each. Should XRP remain below $2.35 at closing, Evernorth is not required to issue additional shares; rather, the opposite occurs.

In that scenario, the $10 share represents a larger amount of XRP, meaning the treasury must hold more XRP to back each share. The firm is backed by Ripple, SBI Group, Pantera Capital, Kraken, Arrington Capital, and GSR, providing a strong institutional foundation.

Evernorth aims to engage with the broader XRP ecosystem rather than merely speculating on the token’s market price. “Tying the share count to XRP’s value at closing is the right thing to do for Evernorth and our investors,” said Asheesh Birla, founder and CEO of Evernorth.

“We’re preserving alignment among investors while supporting our long-term strategy of building institutional access to the XRP ecosystem,” he added. The reduction in issued shares concentrates the company’s net asset value across fewer shares, increasing the per-share representation.

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